The Congress leader, who visited the victims' families, also announced to set up a memorial in the village for the children killed in the tragedy.
The Amritsar MP announced a reward of Rs 50,000 each to the two MNREGA workers and a student who helped in rescuing the children.
He said he will also recommend the name of the boy for the National Bravery Award as he had risked his own life to save others.
The accident occurred while the bus, carrying 37 students of DAV Public School, was crossing a narrow bridge on its way to drop the children home after school.
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The former chief minister sought registration of an FIR against the school principal and the transport contractor who provides buses to the school.
"The onus lies on the contractor and equally on the school principal who allowed these buses to be run," he said.
He said the local district transport officer should also be held accountable for allowing such condemned buses on roads.
He said he will be writing to the army commander for their repairs since all these bridges fall under the army's jurisdiction.
He demanded that the government increase the compensation from Rs one lakh to Rs ten lakhs.